Maui Land & Pineapple loss widens to $1.1M

Maui Land & Pineapple Co. reported Wednesday a slightly wider first-quarter loss of $1.1 million, or a loss of 6 cents a share, compared to a loss of $1 million, or a loss of 5 cents a share, in the year-earlier period.

Revenue rose 11.8% to $2.8 million from $2.5 million. Most of the Kapalua-based company’s revenue came from property leasing, which increased 12.2% to $1.7 million.

The company did not have any sales of real estate assets during the first quarters of 2019 and 2018.

Maui Land owns 23,000 acres on Maui. In addition to leasing farmland, retail and industrial properties to tenants, the company operates utilities and has some resort amenities. The firm was was once a major pineapple producer and real estate developer, but shed those operations about a decade ago.

Maui Land’s stock closed down 5 cents at $12.15 before the late-afternoon earnings announcement. Its stock is up 22.5% this year.